Brussels – Strengthen investment and improve coordination between countries and the European Union to boost artificial intelligence projects: The warning to speed up the pace comes in a note released today (May 29) from the European Court of Auditors, which highlights how the European Union’s ambitious goals are far from being achieved.
Since 2018, the European Commission has taken several actions to develop the AI ecosystem in the Union, from investment to regulation all the way to the creation of dedicated infrastructure. Moreover, the EU has moved early on to explore the risks of artificial intelligence. However, EU measures have not been well coordinated with those of member states, and investment monitoring has not been systematic. More investment from both the public and private sectors will be required from both the public and private sector to develop AI within the EU borders.
Overall, the funding plan for artificial intelligence projects has been lower than that of global competitors, such as the United States and China. Both can count on strong government subsidies assisted by large research investments from the IT giants. By contrast, the European Union has invested less than it had planned to do. According to the European Court of Auditors, even more serious is that the EU’s investment targets are still too vague and outdated: they have not changed since 2018. All this can only lead away from the goal of building a globally competitive AI ecosystem.
Over the past year, the European Commission has increased spending from the EU budget on AI research projects, but it has not significantly boosted private co-funding. At the same time, the EU Commission needs to do more to ensure that the results of EU-funded AI research projects are fully commercialized or exploited.
For Mihails Kozlovs, a European Court of Auditors member, “substantial and targeted investment in artificial intelligence is a crucial factor that can determine the speed of the EU’s economic growth in the years to come.” Not only that, Kozlovs also issues a warning signal about development: “In the race for AI, there is a risk that the winner takes all; the EU needs to pick up the pace to succeed in this great technological revolution that is underway.”
@EUauditors report on #EU Artificial intelligence #AI ambition. The EU’s executive has been working on key elements for AI ecosystem: financing, data &scale since 2018. Further development requires better governance &enhanced financing. https://t.co/ZzrWSbqHJ9 pic.twitter.com/J79YgMUMGR
– Mikhail Kozlov (@Mikhail_Kozlov) May 29, 2024
English version by the Translation Service of Withub
